Hyundai, LG Energy to build $4.3B EV battery plant in Georgia

Hyundai Motor Group is doubling down on its commitment to Georgia.

Hyundai and LG Energy Solution will jointly build a $4.3 billion elec tric vehicle battery plant in Bryan County adjacent to the site of the massive Hyundai EV 'Metaplant' now under construction, the companies announced late Thursday. The project is expected to create 3,000 jobs. The new EV battery plant will represent nearly 78% of the $5.5 billion investment in the Metaplant project Hyundai announced last October and 37% of the 8,100 jobs the EV manufacturing facility will generate.

The announcement came weeks after U.S. Sen. Jon Ossoff, D-Ga., led a trade mission to South Korea, where he met with executives from both companies. Ossoff met again late last month with LG Energy Solution executives in Washington, D.C., to discuss the deal.

Ossoff credited tax incentives contained in the Inflation Reduction Act (IRA) Congress passed last year for making the project possible. The deal ranks among the largest economic development projects in Georgia history.

'e I%'s manufac turing incentives continue to bring jobs and invest- ment to Georgia,' Osso- said. “My goal remains to make Georgia the world leader in advanced energy production.'

Two larger projects – Hyundai's $5.5 billion Metaplant and Rivian's $5 billion electric vehicle plant near Covington – are both EV manufacturing facilities.

'is is exactly what we envisioned when Georgia landed the Hyundai Metaplant in May of last year,' Gov. Brian Kemp said from Israel, where he is currently lead- ing a trade mission. 'is project is the latest mile- stone in Georgia's path to becoming the EV capital of the nation.'

According to the companies, the new EV battery plant is expected to begin operations by the end of 2025.